NBCC Share Price Gains After Company Wins Multiple Orders Worth Rs 1,726 Crore

The share price of NBCC (India) Ltd. surged over 6% on Monday after the company bagged multiple redevelopment work orders in Goa worth an aggregate of Rs 1,726 crore.

The Navratna public sector enterprise said in an exchange filing on Monday that the orders include:

• Redevelopment of Mini Convention Centre at Tiswadi, Patto.

• Redevelopment of Junta House , 18th June Road, Panjim.

• Redevelopment of Govt. Garage, MG Road, Panjim.

• Construction of Administrative Building at Porvarim.

• Redevelopment of Circuit House, Panjim.

• Redevelopment of Govt. Quarters, St. Inez.

Last week, the company's wholly-owned subsidiary Hindustan Steelworks Construction Ltd. won two orders worth a total of Rs 1,322.48 crore from Employees State Insurance Corp., Government of India.

Earlier this month, HSCC signed a contract worth Rs 1,000 crore with Gondwana University for campus development.

NBCC also bagged a contract of Rs 50 crore on Wednesday for the construction of an integrated sports complex by the government of Odisha. The work was commissioned by the 'Sports and Youth Service Department' and is to be built in Dhamnagar Bhadrak, Odisha.

NBCC share price rose as much as 6.36% during the day to Rs 93.5 apiece on the NSE. It was trading 4.3% higher at Rs 91.6 apiece, compared to a 0.99% advance in the benchmark Nifty 50 as of 1:01 p.m.

The stock has risen 104% during the last 12 months and advanced 68% so far this year. The total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 26, implying it is oversold.

Out of four analysts tracking the company, one maintains a 'buy' rating, one recommends a 'hold,' and two suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 44%.